STRONG INVESTORS CONFIDENCE DRIVES K100 MILLION IN NBCL EQUITY

PICTURE CAPTURE: NBCL Chairman, Darrell Seeto. Picture Supplied

THE Board of the National Banking Corporation (NBCL) today confirmed that the State, through Kumul Consolidated Holdings and the National Development Bank, has diluted its shareholding in NBCL to 52% following a successful phase one of a Private Placement.

 NBCL Chairman, Darrell Seeto said that a diverse group of Papua New Guinean citizens and Papua New Guinean owned business, have taken up new equity of K100m or 48% in the Bank in the first phase of the private placement.

Mr Seeto says, Phase two of the Private placement is underway and by the end of October 2025, it is expected that the State’s equity in NBCL will be further diluted to approximately 35%.

Mr Seeto further stated that the interest shown by experienced and sophisticated Papua New Guinean investors in taking up new equity in NBCL has been extremely positive and shows that these new investors have faith in the development and expansion plans of the Bank.

Meantime, the NBCL Board also said that it had adopted a strategy for the Bank to be competitive by servicing all market segments through an extensive branch network, such as Commercial, Personal, SME, Government and SOEs; Agriculture and Services; Rural and Urban; financially literate and financially illiterate.

Mr Seeto said: “NBCL is not here just to be another commercial bank; we are here to make an impact through financial inclusion and developing the financial sector.”

 The Marape Rosso Government has supported NBC from inception to its current status and recent announcements in the media in the past 2 weeks highlight the need for more competition.

 It is the government’s agenda to provide more competition in the banking and finance sector in PNG to ensure a more productive financial sector to the benefit of the people of PNG.